What Would You Do?

There was a collective sigh when the clip stopped and I asked, “What would you do?,” if you had experienced widespread fraud, corruption and cover ups in your bank that put the company and your customers at risk?

What would you do if you knew that by speaking out and exposing the fraud you could lose your job, some of your colleagues could lose their jobs, and some could even go to jail?

The attendees, bankers from all over the southwest were attending the Southwestern Graduate School of Banking (SWGSB). Many, in key positions, could, in fact, experience some of the same challenges in their career which I had.

I told them that I was only doing my job as a Citigroup Business Chief Underwriter overseeing a division of the business which purchased and sold over $90 billion annually of mortgage loans. Granted, these bankers were independent bankers from much smaller community banks, still what I had observed and blew the whistle on, could happen anywhere.

I remindedthem the largest “Too Big To Fail” banks were recognized early on as being largely responsible forthe financial crisis, resultingin Congress passing the Dodd-Frank legislation , which was specifically crafted tocontrol the large banks. However, these same banks had gotten even larger since that crisis, with the four largest banks growing by $2 trillion plus in assets in the last five years and gathering even more economic power than before.

I told them I believed these banks have been using that enormous economic power to quietly control and manipulate our legislative and regulatory processes to benefit their own banks, imposing a stranglehold on our country:

The results:

No Wall Street bankers have been prosecuted. Yet, over 800 bankers were sent to jail in the last financial crisis of the eighties, with that crisis being only one third as severe as the current crisis. It appears the large settlements paid by the largest banks were merely payments of extortion by the banks for the Department of Justice to lock up the evidence so the American public would not know how widespread the fraud was that was perpetrated on them.

The Dodd-Frank provisions attempting to place controls on the large banks have been systematically gutted, including a key provision prohibiting the banks from using FDIC-insured deposits to fund risky derivatives trading, despite widespread proof that the large-scale trading of risky derivatives substantially increased the losses coming out of the financial crisis. Also, much of the mandated additional investor disclosures on mortgage and loan backed securities is not being required, resulting from continuous involvement by the large banking lobby. The outcome, little or no control or accountability.

Combined limits on the amounts contributed by individuals and large political action committees to political campaigns have dramatically increased, allowing the largest banks to more easily funnel large amounts to political campaigns.

In a recent interview on Bloomberg, I mentioned that I had requested a Congressional investigation be undertaken by the House Financial Services Committee and the Senate Banking Committee.I asked each and every one of them to call their Congressmen (and women), ask for an investigation, stop the hijacking by the TBTF banks and restore banking’s reputation.

The American public needs to be much more aware of how this financial crisis and fraud is affecting them, I asked for their involvement.

So my initial question, “What would you do?,” prompted many conversations afterwards. I was surrounded by many young leaders, who said frankly they didn’t know what they would do. They’d want to do the right thing, of course. There’s a price. Not any of us know what we would do when faced with circumstances that are so crippling.

However, right now each of us can do something. I’m only one individual. My asking for a Congressional investigation is only one voice. The banking debacle and how the TBTF banks are controlling our country needs to be stopped.

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Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

What People Are Saying About Richard M. Bowen

"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author

2017-06-30T10:08:59+00:00

"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author

http://www.richardmbowen.com/testimonials/2556/

"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual

2015-02-13T19:51:19+00:00

"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual

http://www.richardmbowen.com/testimonials/711/

"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator

2015-02-13T19:50:26+00:00

"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator

http://www.richardmbowen.com/testimonials/712/

"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving. The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving. The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International

http://www.richardmbowen.com/testimonials/532/

"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program

2014-12-28T19:48:06+00:00

"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program

http://www.richardmbowen.com/testimonials/533/

"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International

2014-12-28T19:47:50+00:00

"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International

http://www.richardmbowen.com/testimonials/531/

"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's

2014-12-28T19:47:22+00:00

"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's